Financial Institutions, Inc. Announces Stock Repurchase Program
2020年11月5日 - 6:05AM
Financial Institutions, Inc. (NASDAQ:FISI) (the “Company”), parent
company of Five Star Bank (the “Bank”), SDN Insurance Agency, LLC
(“SDN”), Courier Capital, LLC (“Courier Capital”) and HNP Capital,
LLC (“HNP Capital”), today announced that its Board of Directors
has approved a stock repurchase program for up to 801,879 shares of
its common stock, or approximately 5% of the Company’s outstanding
common shares.
The repurchase program permits shares to be
repurchased in open market transactions and pursuant to any trading
plan that may be adopted in accordance with Rule 10b5-1 of
the Securities Exchange Act of 1934.
The timing and number of shares repurchased will
depend on a variety of factors including price, corporate and
regulatory requirements, market conditions, and other corporate
liquidity requirements and priorities. The repurchase program does
not obligate the Company to purchase any shares and it may be
extended, modified or discontinued at any time.
About Financial Institutions,
Inc.
Financial Institutions, Inc. provides diversified
financial services through its subsidiaries Five Star Bank, SDN,
Courier Capital and HNP Capital. Five Star Bank provides a
wide range of consumer and commercial banking and lending services
to individuals, municipalities and businesses through a network of
approximately 50 offices throughout Western and Central New York
State. SDN provides a broad range of insurance services to
personal and business clients. Courier Capital and HNP Capital
provide customized investment management, investment consulting and
retirement plan services to individuals, businesses, institutions,
foundations and retirement plans. Financial Institutions, Inc. and
its subsidiaries employ approximately 630 individuals. The
Company’s stock is listed on the Nasdaq Global Select Market under
the symbol FISI. Additional information is available at
www.fiiwarsaw.com.
Safe Harbor Statement
This press release may contain forward-looking
statements as defined by Section 21E of the Securities
Exchange Act of 1934, as amended, that involve significant risks
and uncertainties. In this context, forward-looking statements
often address our expected future business and financial
performance and financial condition, and often contain words such
as “expect,” “anticipate,” “intend,” “plan,” “believe,” “seek,”
“see,” “will,” “would,” “estimate,” “forecast,” “target,”
“preliminary,” or “range.” Statements herein are based on certain
assumptions and analyses by the Company and factors it believes are
appropriate in the circumstances. Actual results could differ
materially from those contained in or implied by such statements
for a variety of reasons including, but not limited to: the
Company’s ability to complete the exchange of subordinated notes
recently sold in a private placement for registered notes, the
impact of the COVID-19 pandemic on the Company’s customers,
business, and results of operations as well as the economy in
Western New York and the United States, the Company’s ability to
implement its strategic plan, whether the Company experiences
greater credit losses than expected, whether the Company
experiences breaches of its, or third party, information systems,
the attitudes and preferences of the Company’s customers, the
Company’s ability to successfully integrate and profitably operate
SDN, Courier Capital, HNP Capital and other acquisitions, the
competitive environment, fluctuations in the fair value of
securities in its investment portfolio, changes in the regulatory
environment and the Company’s compliance with regulatory
requirements, changes in interest rates, and general economic and
credit market conditions nationally and regionally. Consequently,
all forward-looking statements made herein are qualified by these
cautionary statements and the cautionary language in the Company’s
Annual Report on Form 10-K, its Quarterly Reports on Form 10-Q and
other documents filed with the SEC. Except as required by law,
the Company undertakes no obligation to revise these statements
following the date of this press release.
For additional information
contact:
Shelly J. Doran(585)
627-1362sjdoran@five-starbank.com
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